"Noble" Larry Yung Chi Kin And His Hundred Years Of Brilliant Family History

Larry Yung Chi Kin has been standing at the top of Hu Run's strong list for many years, and has nothing to do with the legacy handed down by the Rongshi family. His father Rong Yiren's hard accumulation of "intangible heritage" is the biggest driving force for Larry Yung Chi Kin to reach the summit.

Since the launch of the Hu Run strong list in 2003, CITIC Pacific chairman Larry Yung Chi Kin has been at the top of the list.

Even though they are all loud roles behind Ren Zhengfei, Zong Qinghou, Ma Yun, Guo Guangchang, Wong Kwong Yu, Liu Yonghao...

But together with Rong Rong, who has a century of brilliant family history, they can only be regarded as "nouveau riche".

Larry Yung Chi Kin was the fourth generation of Rong family's successor.

Rong Yiren's father Rong Desheng is the second son of Rong Xitai.

Larry Yung Chi Kin is Rong Yiren's eldest son and his only son. He was born in Shanghai in 1942.

In 1949, when the founding of new China, Rong family was protected as a national capitalist.

In particular, because of the positive cooperation with public-private partnerships, Rong Yiren received the generous economic compensation and political treatment and continued to enjoy a superior life with high dividends. He was elected vice mayor of Shanghai.

All this gave Larry Yung Chi Kin, who was born with jade, a "noble" environment: the quiet and picturesque surroundings of the house; furnished with luxurious furniture, porcelain, antiques and famous paintings and calligraphy; there were servants and special cars.

In those days, Larry Yung Chi Kin was a famous "childe" in Shanghai: he had a red leather roadster and a generous hand.

However, although the living conditions of Rong family are superior, they are very strict with their children.

When Larry Yung Chi Kin was disobedient in his childhood, he spat and shut up the black room.

In 1959, Larry Yung Chi Kin graduated from Nanyang Model High School and entered the Department of electrical engineering.

University life can not be the same as that of Shanghai mansion, but there are some money in it. You can eat small stove and invite big guests. In the eyes of students, they are absolutely "big money".

At that time, all his thoughts were on Baseball: he practiced every day and took part in the two national competition in the first year of University.

Today's rich children rely on their father's wealth to enjoy the material comforts of Larry Yung Chi Kin, but they do not have rich grandparents or grandfathers.

According to the saying that "a noble needs three generations", it will be a hundred years after we have another noble.

In this way, Larry Yung Chi Kin became the last aristocrat that the world could see.

Larry Yung Chi Kin's life pformation did not happen in 1949, but in the "unprecedented" era.

In 1965, Larry Yung Chi Kin graduated from the University and worked in the Ministry of water and electricity.

After the political storm that swept across the country, he left the state organ for an internship at a hydropower station in Changbai Mountain, Jilin.

When he was more than 20 years old, he had never eaten a bitter day. Larry Yung Chi Kin had spent more than one day working in the cold of 30 degrees Celsius and sleeping in the Northeast Kang.

The following year, the political environment was more severe. He was "decentralized" to the hydropower station of Liangshan Yi Autonomous Prefecture of Sichuan, and received "labor education".

Larry Yung Chi Kin fell into the ice cellar from the greenhouses and ate all the hardships that ordinary city children could not bear: moving machines in the mountains, digging earth, carrying stones, and erecting high-voltage cables.

In 1972, Larry Yung Chi Kin, 30, returned to Beijing and pferred to the Beijing power system for scientific research.

If he lost his superior living environment when he was 7 years old, it would be difficult to form a graceful manner.

And 8 years of hard work at the grass-roots level was like a deep quench for his "aristocrat".

At the end of the cultural revolution, Rong Yiren was idle at home.

Between 1972 and 1978, Larry Yung Chi Kin lived with his father.

Larry Yung Chi Kin, who was born in his early years, had the chance to inherit the "intangible heritage" of his family from his father's coexistence.

Before the reform and opening up, their children came to Hongkong to take care of the industry.

In the summer of 1978, Larry Yung Chi Kin, 36, left his family to run alone in the Xiang River. He carried a one-way pass.

At the beginning of his trip to Hongkong, Larry Yung Chi Kin set up an electronic factory with two cousins to produce capacitors, electronic watches, integrated circuits and computer memory products by virtue of his father Rong Yiren's hundreds of thousands of yuan capital in Hong Kong.

The understanding of the mainland market and his ingenuity in business led Larry Yung Chi Kin to win his first pot of gold.

Rong Yiren was founded in October 1979 by Deng Xiaoping.

Like the Shenzhen Special Administrative Region, CITIC has become a "special window" in the financial field.

In 1950s, the red capitalists, known for their public-private partnerships, once again took the lead in entering the new era.

Rong Yiren's special life, relatives and talented business intelligence all over the world are of great significance to helping China open its economic door.

Rong Yiren, a 38 year old Wang Jun, was among the oldest patriarch in his business.

According to Larry Yung Chi Kin's recall, the 20 million yuan start-up fund for CITIC was borrowed by Wang Jun.

With the 10 million yuan of personal savings Rong Yiren lent to the company, CITIC can only call 30 million yuan at the beginning of its creation.

By 1984, the total value of CITIC Capital Invested by the state was 100 million yuan, and no more cash was invested thereafter.

In 1986, he fought for 8 years in the business world and accumulated rich experience. Larry Yung Chi Kin, who was "outstanding martial arts", joined CITIC Hongkong and soon became the managing director.

It can be said that this is the real starting point of Larry Yung Chi Kin's grand plan, when he was 44 years old.

Feng Xiaogang commented on the nobility: "no show, no envy, no lie, no concern for worldly details, and 46 minds are full of brains."

Don't worry about anything.

From the point of view of promoting social development, nobles have no positive significance, and there are two kinds of things with waste.

The first half is a little bit vivid, but not the latter half.

If all of us only care about the little bit of a dog's noses, and no one is bothered by the idea of "46 thoughts," then humans will still live in the cave today.

Larry Yung Chi Kin, who was born in the rich family, did not have to care about worldly affairs or argue with others.

This environment lasted until Larry Yung Chi Kin was more than 20 years old enough to make him a nobleman.

The two eight years of remote grass-roots and Hongkong Shang Hai have thoroughly insulated Larry Yung Chi Kin from the nobility of the late nobility.

In 1979, CITIC Hongkong was established in conjunction with CITIC. Its purpose is very clear. It is a window to open China.

Subjective intention is good, but it is difficult to operate.

How does this window open for mainland China that has been closed for decades?

Commander in chief is a big problem.

Larry Yung Chi Kin, who has been in the water and fire for many years, soon proved his strength. His joining has become a new starting point for CITIC Hongkong.

In February of 1987, CITIC Hongkong was reorganized, and Mi Guojun was replaced by Wang Jun as chairman of the board. Larry Yung Chi Kin was vice chairman and managing director of CITIC Hongkong.

Larry Yung Chi Kin's request to Beijing CITIC has only two requirements: personnel and business decision-making power.

CITIC Hongkong has entered the Larry Yung Chi Kin era since then.

Larry Yung Chi Kin has been in business in Hongkong for more than 400 million Hong Kong dollars. His "ambition" in business was unimaginable at that time.

The example in his mind is a world-class industrialist like Li Jiacheng and Henry Fok.

After taking the lead in CITIC Hongkong, Larry Yung Chi Kin's first target was Hongkong's leading Cathay Pacific Airways, the largest shareholder of which was Tai Koo.

This is just a fantasy for CITIC Hongkong, which only has a $30 million start-up fee.

Larry Yung Chi Kin stood up to different opinions and went to Beijing to hand in "military orders" to his father, thereby obtaining 800 million yuan of funds.

In the end, CITIC Hongkong gained 12.5% stake in Cathay Pacific and became the third largest shareholder with HK $1 billion 300 million.

Not long after that, Larry Yung Chi Kin acquired the 46.3% stake in Dragonair by HK $500 million, becoming the largest shareholder, and immediately pferred some of the shares to Cathay Pacific.

In June 5th 1989, the Hang Seng Index fell 21.57% in Hongkong.

Hongkong Telecom's British shareholders are burning with anxiety. Larry Yung Chi Kin seized the opportunity to buy 20% shares of HK $10 billion 300 million and became the second largest shareholder.

This time's "easy action" has passed many examination and approval links, and finally got the support of the senior government.

Through a series of big acquisitions, CITIC Hongkong owns Cathay Pacific 12.5%, Hongkong Telecom 20%, Dragon air 38.3%, Eastern seabed tunnel 23.5%, Macao Telecom 20%, its total assets are close to 20 billion Hong Kong dollars, and become the aircraft carrier of Chinese capital companies.

But CITIC Hongkong's mergers and acquisitions are mainly borrowed, and the "leverage ratio" is too high (the ratio of borrowing funds to their own funds).

Lending to the people of CITIC Hongkong is undoubtedly a strong Chinese capital background.

Larry Yung Chi Kin's rise to a considerable extent is the government's credit, the risk is like sitting on the crater.

His brilliant point is not "lying" on the government, but actively seeking a platform for direct financing to the capital market - listed companies.

For CITIC Hongkong in the year, buying shell became the only choice.

Rong Yiren's old friend and Li Jiacheng, then CITIC director, played a decisive role in the crucial moment.

Under the guidance of Li Jiacheng, Larry Yung Chi Kin chose Tai Fu to develop.

In 1988, the controlling power of the listed company was in the hands of Cao Guangbiao, the wool spinning king.

Tai Fu is not a shell company. It has not only achieved good results in real estate investment, but also has launched a "sausage fight" with Cathay Pacific by its Dragonair.

Because of the inferior strength, Cao boss had to find a way out.

In January 1990, CITIC Hongkong issued a takeover offer to all shareholders of Tai Fu.

In the same year as the completion of the tender offer, in June, Larry Yung Chi Kin valued CITIC Pacific, which was under the name of CITIC Hongkong, at a price of more than 28 billion Hong Kong dollars, which was injected into CITIC Pacific in 12.5%.

After a series of operations and finally concluded in June 1991, CITIC Hongkong is willing to become the largest shareholder of Tai Fu and has a 49% stake.

Larry Yung Chi Kin became chairman of the board of directors, which has been renamed CITIC Pacific.

Li Jiacheng's admiration for Larry Yung Chi Kin's success is admirable.

After the completion of the CITIC Pacific platform, another amazing act of snake eating elephants was launched.

This time the object of purchase is giant non-listed company Hengchang.

Founded in 1946, Hengchang is the largest trading company in Hong Kong. There are seven wholly-owned subsidiaries, of which the annual turnover of Dachang bank, which operates automobile and retail businesses, is HK $10 billion.

Heng Chang's boss, He Shan Heng, was in a state of high power, and there were no successors in his younger generation who could inherit his mantle.

Such a fat meat is waiting for the price to sell, and all the big families in Hongkong are eager to try.

Li Chaoren once again played the role of combining Zheng Yutong and Guo Henian with CITIC Pacific as the core to form a consortium, GreatStyle.

The new consortium won a decisive victory in only one round in the encounter, and bought HK 97.12% stake in HK $6 billion 940 million.

Among them, CITIC Pacific accounted for 36%, and Larry Yung Chi Kin personally subscribed another 6% (the cost was HK $420 million).

After the completion of the acquisition, CITIC Pacific held a cash dividend with Hengchang to reduce the market value of the latter.

In January 1992, CITIC Pacific bought the whole hang chang into the capsule by issuing HK $2 billion 500 million from the stock market and buying the Hengchang rights in Li, Zheng and Guo San's rich.

After the two rounds of capital operation, CITIC Pacific's market capitalization jumped 10 times, to HK $8 billion 700 million, from mosquito to elephant, and became one of the 33 constituent stocks of Hang Seng Index in 1992.

In January 1993, CITIC Pacific acquired 12% stake in Hongkong Telecom with HK $8 billion 700 million.

In February 1994, CITIC Pacific bought 50% of Hongkong Xingye International Group's Discovery Bay property development and related businesses with HK $3 billion 550 million.

No one in Hongkong will dare to belittle the "window" of CITIC Pacific, an open China.

Larry Yung Chi Kin commented that he had the support of Li Chao man, and Larry Yung Chi Kin was invincible and invincible in the capital market.

Buying "shell" is not an empty shell, but a solid entity with good qualifications. After acquiring the platform of the listed company, it will be loaded into assets, additional issuance, merger and acquisition of Hengchang, and the ring link will be closely linked.

Li Jiacheng's help is out of his feelings for the motherland and his personal friendship with Rong Yiren.

But the mall has no father and son, and Larry Yung Chi Kin's talent and character, especially the clever arrangement of Li Jiacheng's not "white help", is the key reason for the tacit cooperation between the two sides.

Li Jiacheng bought only HK $230 million in six months, and the annual return on capital operation was nearly 27%.

In short, Li Chaoren's help is only foreign aid, and Larry Yung Chi Kin is the commander in charge of the strategy.

Larry Yung Chi Kin, who took over CITIC Hongkong for six or seven years, has turned the former mosquito into an elephant. His achievements and talents are very convincing.

If the rise of CITIC Hongkong benefited from the background of "CITIC" and the help of friendly people like Li Jiacheng, then, because of the changes in macro policies and microstructures, CITIC Pacific must fight against it in its own business after its "adulthood".

On the macro side, the relevant departments have made it clear that Chinese companies will be completely independent of the capitalist free economy in Hongkong.